Chevron's Promising Growth and Financial Health Drive Buy RatingWe expect the upstream segment to remain robust, with oil prices staying elevated likely for years to come. After achieving 7% production growth in 2024, Chevron expects production growth of 6-8% range in 2025 (excluding asset sale impacts). CVX's project pipeline, including the Anchor project, Whale platform in Project (FGP), supports long-term production growth, with Kazakhstan (50% owned Tengiz oil field (TCO)) volumes reaching 1mmboepd over the next few months, driving significant free cash flow accretion in 2025/26. Meanwhile, Chevron has made progress on the previously announced USD53bn all-stock acquisition of Hess Corporation (secured Hess stockholder approval and cleared FTC antitrust review) with a target to close by 3Q25. There is some uncertainty in completion of the acquisition pending litigation around the stake in Guyana assets.